Dear Krishna Shastri,
Section 8 of payment of bonus act is as follows
Eligibility of Bonus- every employee shall be entitled to be paid by his employer in an accounting year, bonus, in accordance with the provision of this Act, provided he has worked in the establishment for not less than 30 working days in that year.
Section 10 says that (please read the section) the employer has to pay to his employee in subsequent accounting year minimum bonus of 8.33 % of wages. Where as section 11 say that the maximum bonus should be 20% of wages.
An employees whose salary does not exceed Rs 10000 per month is eligible to get bonus. Where the salary or wage of an employee exceeds 3500 per month the bonus payable to such employee shall be calculated as if his salary or wage were Rs 3500. (See section section 12 of the Act)
Section12-Calculation of bonus with respect to certain employees --Where the salary or wage of an employee exceeds 3,500 per mensem, the bonus payable to such employee under Sec.10, or as the case may be, under Sec.11, shall be calculated as if his salary or wage were 3,500 per mensum
That means If the wage of the employees exceed 3,500 then the wages to be calculated for bonus is to be taken as 3,500 only.
Further Section 19 is as follows
Section 19-Time-limit for payment of bonus -
(a) Where there is a dispute regarding payment of bonus pending before any authority under Sec.22, within a month from the date on which the award becomes enforceable or the settlement comes into operation, in respect of such dispute;
(b) In any other case, within a period of eight months from the close of the accounting year :
Also see the definition of accounting year in in section 2 (1)
Section 2 (1) "Accounting year" means -
(i) In relation to a corporation, the year ending on the day on which the books and accounts of the corporation are to be closed and balanced :
(ii) In relation to a company, the period in respect of which any profit and loss account of the company laid before it in annual general meeting is made up, whether that period is a year or not; (iii) In any other case -
(a) The year commencing on the 1st day of April ; or
(b) If the accounts of an establishment maintained by the employer thereof are closed and balanced on any day other than the 31st day of March, then, at the option of the employer, the year ending on the day on which its accounts are so closed and balanced :
Provided that an option once exercised by the employer under para. (b) of this sub-clause shall not again be exercised except with the previous permission in writing of the prescribed authority and upon such conditions as that authority may think fit :
Therefore the bonus has to be paid with in 8 months from the date of closure of accounting year. The accounting year is to be decided according to the above said definition of the accounting year.
Note:-The section I have coted is as per the latest amendment till Dec 2011.